My husband and I want to buy are first home together. I had a recent bankruptcy Chapter 7. He is going to get an FHA loan, however I can't be on the loan due to Banruptcy. We won't qualify for as much cause they can't use my income. Can I apply for a differnt loan on the same house. I realize the interest on my loan would be higher?
2007-11-07 07:35:39 · 3 answers · asked by mbz 3 in Business & Finance ➔ Renting & Real Estate
Can I get a separte loan from his FHA loan? I wouldn't need that much more to get us in the house we want. Maybe $20,000
2007-11-07 07:56:05 · update #1
Each of you can not have a seperate loan for one home. You can be on the title and not the mortgage then when your credit gets better get a bigger house. Try a non-FHA mortgage so you can be on the loan and get a bigger house.
2007-11-07 07:40:07 · answer #1 · answered by taz4x4512 4 · 0⤊ 1⤋
FHA will finance 1 -2 years after a chapter 7 depending on the cause of the 7. If it was due to medical then 1 year after. There are lenders who will use your income and give you a loan. The rates are higher than FHA but yes you can still buy. The sub-prime market is not dead just wounded some at this point.
I am a mortgage banker in TN & KY
2007-11-07 15:45:31 · answer #2 · answered by golferwhoworks 7 · 1⤊ 1⤋
if you can prove that you have paid the prior mortgage/rent...then you can try mycommunity.
they allow 'boarder' income but has very strict guidelines.
you will need to show 12months of cancelled checks
2007-11-07 15:55:00 · answer #3 · answered by Anonymous · 0⤊ 1⤋